CapitaLand India Trust : Annual Report FY 2023

ANNUAL REPORT 2023

CAPITALAND INDIA TRUST

WHERE IDEAS

TAKE SHAPE

At CapitaLand India Trust, we remain focused on creating sustainable value for our stakeholders. We bring diverse ideas and leverage our real estate investment management expertise across our multifaceted portfolio - IT business parks, industrial and logistics facilities and data centre developments - supported by our strong team on the ground.

The convergence and interconnection of distinct shapes on the cover page captures this essence. It also showcases our dynamic ONE CapitaLand Ecosystem, as we forge ahead together with a shared purpose of making a positive impact.

CONTENTS

  Overview

4 At A Glance

6 Significant Events

8 Chairman's Message

12 In Conversation With CEO

  Leadership

1. Board Of Directors

1. Trustee-Manager

1. Property Manager

22 Trust & Organisation Structure

  Strategy

1. Investment Management

1. Asset Management

1. Capital Management

1. Risk Management

1. Investor Relations

  Performance

1. Financial Highlights

1. Financial Review

  Portfolio

1. Property Portfolio

1. Market Review

1. Operational Review

  ESG Framework

62 Sustainability Report

116 Corporate Governance Report

  Financials

156 Trust Financial Statements

241 Trustee-Manager Financial Statements

  Other Information

1. Statistics Of Unitholdings

1. Glossary
2. Market Research Report

1. Corporate Information

International Tech Park Bangalore

2 CAPITALAND INDIA TRUST

WHO WE ARE

CapitaLand India Trust ("CLINT" or the "Trust") is a property trust which owns nine world-class IT business parks, four industrial and logistics facilities and four data centre developments in India, valued at S$3.0 billion as at 31 December 2023. With total completed floor area of 19.6 million square feet spread across Bangalore, Chennai, Hyderabad, Mumbai and Pune, CLINT is focused on capitalising on the growing IT industry, industrial and logistics asset class, and new economy asset classes such as data centres. CLINT is structured as a business trust, offering stable income distributions similar to a real estate investment trust. CLINT focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio and acquiring new properties.

Our properties provide modern and high-quality business spaces to our tenants. This helps us attract and retain prominent tenants that commit to long leases, thereby fostering a stable income profile for the Trust.

Our growth is founded on a prudent approach to capital management. We are geared towards maintaining a strong balance sheet that meets the liquidity needs of the business.

OUR	To be a leading property Trust with a
professionally managed portfolio of
VISION
quality business space across India.
OUR	Deliver sustainable returns to our
Unitholders through portfolio expansion
MISSION
and prudent capital management.

		Our corporate website contains		You can sign up for email alerts of our latest
Why Go		detailed information about the		news and keep track of the latest events on
Online?		Trust and is frequently updated as		the Event Calendar page.
		additional details become available.		Our corporate website: www.clint.com.sg

Notes:

• All information in this annual report is dated as at 31 December 2023 unless otherwise stated.

• All measurements of floor area are defined herein as "Super Built-up Area" or "SBA", which is the sum of the floor area enclosed within the walls, the area occupied by the walls, the common areas such as the lobbies, lift shafts, toilets, and staircases of that property, and in respect of which rent is payable.

• The Indian Rupee and Singapore Dollar are defined herein as "INR/ " and "SGD/ S$" respectively.

• Any discrepancy between the individual amounts and total shown in this annual report is due to rounding.

ANNUAL REPORT 2023 3 

Overview

Leadership

Strategy

Performance

Portfolio

ESG Framework

Financials

Other Information

AT A GLANCE

5 17

TOP TIER	DIVERSIFIED
CITIES	WORLD CLASS
	ASSETS

Mumbai

Pune

Hyderabad

Chennai

Bangalore

S$3.0

billion

ASSETS UNDER

MANAGEMENT

19.6

million sq ft

COMPLETED

FLOOR AREA

PORTFOLIO DIVERSIFICATION

(INCLUDING COMPLETED AND UNDERDEVELOPMENT

PROPERTIES)

	By Valuation				By Total Floor Area

n IT Parks	86%	n IT Parks	85%
n Industrial/Logistics Facilities	8%	n Industrial/Logistics Facilities	10%
n Data Centres	6%	n Data Centres	5%

4 CAPITALAND INDIA TRUST

Pune

n International Tech Park Pune Hinjawadi (ITPP-H)2

n aVance Pune

9 4 4

IT PARKS	INDUSTRIAL	DATA CENTRE
	AND LOGISTICS	DEVELOPMENTS
	FACILITIES

Overview

Leadership

Strategy

Performance

Bangalore

n International Tech Park Bangalore (ITPB)

n CapitaLand Data Centre ITPB

Chennai

n International Tech Park Chennai (ITPC)

n CyberVale

n Industrial Facility 1, Mahindra World City (IF1, MWC)

n Industrial Facility 2 and 3, Mahindra World City (IF2 and IF3, MWC)1

n CapitaLand Data Centre Chennai

Hyderabad

n International Tech Park Hyderabad (ITPH)

n CyberPearl

n aVance Hyderabad

n CapitaLand Data Centre ITPH

Portfolio

ESG Framework

Financials

Mumbai

n Arshiya Panvel warehouses n Building Q1, Aurum Q Parc n CapitaLand Data Centre Navi

Mumbai 1

For more details on our portfolio, go to pages 52 to 57.

Note: Figures in above charts are as at 31 December 2023.

1 Acquired in December 2023.

2 Acquired in May 2023.

ANNUAL REPORT 2023 5 

Other Information

SIGNIFICANT

EVENTS

JANUARY

• Announced the proposed acquisition of 1.0 million sq ft IT Park at Outer Ring Road, Bangalore.

• Completed the redevelopment of 1.4
  million sq ft Block A at International1stQuarter Tech Park Hyderabad (ITPH).

	APRIL	JUNE
	•	CapitaLand India Trust's (CLINT)	• Retirement of Mr Jonathan Yap
		Annual General Meeting and	Neng Tong as a Non-Executive Non-
		Extraordinary General Meeting were	Independent Director and a member
		held in a wholly physical format, and	of the Investment Committee of the
		all resolutions were approved by	Trustee-Manager, with effect from
2nd Quarter		Unitholders.	1 June 2023.
	1 May 2023.	• Appointment of Mr Goh Soon Keat
	MAY
	• Completed the acquisition of 2.3	Kevin as a Non-Executive Non-
	Independent Director and a member
		million sq ft International Tech Park	of the Investment Committee of the
		Pune - Hinjawadi (ITPP-H) which was	Trustee-Manager, with effect from
		fully leased to prominent technology	1 June 2023.
		companies.
	• Appointment of Mr Vishnu Shahaney
		as a Non-Executive Independent
		Director and a member of the Audit
		and Risk Committee (ARC) of the
		Trustee-Manager, with effect from

JULY	SEPTEMBER
• Successfully raised gross proceeds	• Clinched the Bronze Award for Best
Trust category.		3rd Quarter
of approximately S$150.1 million via	Annual Report at Singapore Corporate
Preferential Offering.	Awards (SCA) 2023.
• Entered into a S$60 million	• Retirement of Mr Alan Rupert Nisbet
sustainability-linked term loan facility	as a Non-Executive Independent
agreement with DBS Bank Ltd.	Director, Lead Independent
AUGUST	Director, Chairman of the ARC and
a member of the Nominating and
• Ranked 4th out of 43 (up from 6th in	Remuneration Committee (NRC) of
the Trustee-Manager, with effect from
2022) in Singapore Governance and	30 September 2023.
Transparency Index 2023 for Real
Estate Investment Trust and Business

6 CAPITALAND INDIA TRUST

OCTOBER	NOVEMBER
• Appointment of Ms Tan Soon Neo	• Launched two flexible workspace
Jessica as Lead Independent Director	centres in International Tech Park
and Mrs Deborah Ong as Chairman of	Chennai (ITPC) and ITPH under the
the ARC and a member of the NRC of	brand Bridge+.
the Trustee-Manager, with effect from
1 October 2023.
• Achieved a 4 Star rating in Global
Real Estate Sustainability Benchmark
(GRESB) for both Standing
Investments and Development in
its first-year participation. CLINT
also maintained a Grade A rating for
GRESB Public Disclosure Report.
• Announced the development of
0.2 million square feet Free Trade
Warehousing Zone on the vacant land	• Won the "Highest Weighted Return
within CyberVale, Chennai.	on Equity Over Three Years" award
	in the Real Estate Investment Trusts
	category at The Edge Singapore
	Billion Dollar Club Awards 2023.

• CLINT, through CapitaLand Hope
Foundation, hosted a three-day
annual International Volunteer
Expedition (IVE) 2023 at CapitaLand	•	Secured a five-year construction loan
Hope School in Bangalore with over		of approximately S$214 million from
70 CapitaLand Group's employee		J.P. Morgan India to finance Phase
volunteers from six countries		1 development of CapitaLand Data
participating.		Centre Navi Mumbai 1.
	•	Entered into a S$100 million
		sustainability-linked term loan facility
		agreement with The Bank of East Asia,
		Limited, Singapore Branch.
	DECEMBER
	• Completed the acquisition of 0.3
		million sq ft Industrial Facility 2 &
		3 at Mahindra World City, Chennai
		(Casa Grande - Phase 2), which are
		fully leased to a leading international
		electronics contract manufacturer
		and a global energy solutions
		provider respectively.	4th Quarter

Overview

Leadership

Strategy

Performance

Portfolio

ESG Framework

Financials

ANNUAL REPORT 2023 7 

Other Information

CHAIRMAN'S

MESSAGE

MANOHAR KHIATANI

Chairman

Non-Executive

Non-Independent Director

THROUGHOUT THE YEAR, WE ACHIEVED SIGNIFICANT MILESTONES

IN EXPANDING OUR PORTFOLIO. OUR ASSETS UNDER MANAGEMENT

GREW BY APPROXIMATELY 20% DURING THE YEAR.

8 CAPITALAND INDIA TRUST